BY:
Boris Dobrijevic
We put so much effort into finding summer internship opportunities, meeting application deadlines, and interviewing for different positions, that we sometimes forget about all of the expenses that will be incurred once our internships begin. For this reason, it is important to determine the expenses that will be incurred during the summer, and to be wise with the money we earn.
5 suggestions to save money this summer include:
- Finding cheap accommodation - a great resource for finding cheap sublets for the summer is www.PadMapper.com. An important thing to remember if the company you are interning for provides a relocation stipend is that the amount is subject to tax ― keep that in mind when setting your accommodation price range.
- Creating a summer budget - Calculate your approximate summer income and outline your anticipated expenses (housing, transportation, meals etc.) by creating an excel spreadsheet.
- Cash or Credit? Some people spend money more quickly when using a debit or credit card, and others when using cash. By understanding which way you spend money more quickly, you can learn to control your spending habits.
- Eating out less - Eating out during the summer is very tempting, but can become a very large expense. Instead of spending money eating out, try stretching that money to buy groceries and to cook meals at home. If you do not have a kitchen in your summer accommodation, take advantage of apps such as Groupon and Living Social to find great deals and discounts on food in the city. Getting together with other interns for potluck dinners or splitting big entrees at restaurants can also save you a large expense.
- Writing it all down - Record all of your expenses on a new sheet in Excel and compare it to the budget you created at the start of the summer to see whether you are meeting your goals and what needs to be adjusted.
I have a couple good ways to keep track of your budget. One way is for Bank of America users. Their is a tab called My Portfolio where you can see what you have spent your money on and put in amounts designated to certain areas. Another way is through mint.com. This is another way you can track your budget so you can see exactly what your spending your money on.
ReplyDeleteThis is a very beneficial post. The PadMapper website is nice because you can pick the exact location and price range for the apartments you are looking for. I always write down the things that I have to pay for every month and budget accordingly. I try to only eat out on Fridays and it works for me.
ReplyDeleteI used created my first personal budget two summers ago. I found it difficult to exactly predict my expenses before my first internship. It was the first time I was living on my own I hadn't had to do my own budgeting before and had no clue where my money would need to be spent. Creating a budget not only helps you manage your money but it ends up teaching you how to manage your time and the rest of your life accordingly.
ReplyDeleteYou should also look up what banks will be readily available in the location of your internship. This way you can make deposits, withdrawals, and control your finances better. You should also figure out how expensive a certain area may be so that you can make a budget on how you plan to spend your money on either pleasure or work. You don't want to go back home more broke than when you left.
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ReplyDeleteThe following link outlines the 10 most expensive U.S cities for workers. It's a good idea to give it a look before you randomly choose a location preference for your next internship without knowing the cost of living.
ReplyDeletehttp://money.usnews.com/money/careers/articles/2012/05/24/the-10-most-expensive-us-cities-for-workers
I appreciate this post especially seeing as many of us are considering our plans after college and more closely our plans for the summer. It is quite important to understand not only how to budget your income properly but also how to allow your surplus to make money for you. Below i have included a link to the top 100 stocks suggested to invest in. Making simple investments today can yield incredible results later. Remember practicing delayed gratification is the quickest way to build wealth.
ReplyDeletehttp://www.barchart.com/stocks/signals/top100
I can insert another advice. I think that it is very important to understand how financial markets work. This is the aim of my website: www.mystocktobuy.com. In this website, I explain regularly what I expect from the American stock market (the Nasdaq in particular).
DeleteSo if interested, you can visit it.
Kind regards, Fredrick
Extremely valid. I can definitely attest to committing the cause for many of these suggestions. I especially appreciate the final tip to keep all of your expenses written. I feel when attempting to retain or organize anything it is most beneficial to have written document. Good post.
ReplyDeleteInformative post. It is very important to start good spending habits and budgeting as college students because we are so close to our independence in the "real world." Summer Internships allows us to gain experience in these corporate arenas before we are hired on full time, so it is vital to use all things learned over the summer, even something as simple as our spending habits. Good spending habits now will equal economic prosperity later.
ReplyDeleteI'm a firm believer in keeping all receipts (perhaps a bit moot for credit/debit card purchases) in a very visible area as a physical reminder of how much money you're spending. During the summer it's very easy to spend $30/day on meals, especially if you're in an expensive city which most of us as business students are. I don't use Groupon or Living Social, but Scoutmob was great over the summer in NYC. Eating some or all of breakfast at home also helps to at least eliminate one daily food expense. Buying a steamer and washing your shirts on your own and then steaming is also a great way to avoid $100 dry cleaning bills.
ReplyDeleteI want only to insert my two pence thought. As real economy depends on financial margkets, I think that the most important thing is to understand how financial market influence real economy. This aspect is important to define what ever budget plan that you need. For this reason I offer my personal free advice. Kind regards, Fredrick - http://www.mystocktobuy.com/
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